SURREY is now home to almost 24,000 potential millionaires according to new research carried out by Coutts Bank, a figure bolstered by the area’s growing number of young rich.

The figure represents a 4% growth since the bank’s last study carried out two years ago and applies to those whose earnings and assets by far exceed what they could usually earn from a salaried position.

Cobham was found to have the highest percentage with a total of 708 residing in the town. The majority of those falling into the category are people who own their companies or who are directors or partners in professional practices, but research highlights that a growing number of younger rich such as city high fliers and media and sports personalities are boosting the numbers.

The changing profile of millionaires has been further reflected in a significant shift in Coutts clients with an increasing percentage of self-made millionaires and a greater number of women joining the ranks than ever before.

“It is fantastic to see that so many residents of Surrey have such significant wealth potential,” said senior private banker at Coutts’ Guildford office, Peter Burke. “Although the rate of growth of these individuals is relatively small, the signs are still very encouraging.

For so many people to have the potential to attain millionaire status if they receive the proper financial advice in time, is a great reflection of the success of the region.”

According to Coutts, the millionaires lifestyle is defined by those owning a luxury five-bedroom house with two staff, two luxury cars, an apartment and yacht in the south of France. The average millionaire family is aged between 40 and 50 and is married with two teenage children with a 50% mortgage on their main home.

In total, 52% of people surveyed felt they stood a chance of becoming a millionaire in their lifetime and the majority cited that having at least £500,000 in the bank would make them “feel rich”.

But while the millionaire count may be rising, the research from Coutts has highlighted a discrepancy between the perception of wealth and the amount actually needed to maintain the millionaire’s lifestyle.

As the number of millionaires in Surrey rises rapidly, the real worth of £1 million continues to fall. In the last 15 years, the overall value of £1 million has declined by a third.

“A millionaire used to be someone that was seen as super-wealthy; a person that didn’t have to work if they chose not to, and who was able to live in luxury simply by having up to £1 million in cash or assets,” said Burke.

“£1 million is obviously still a sizeable amount of money, which, if invested correctly can afford a high standard of living and provide financial security in later life. “While 25 years ago £1 million would have been more than enough to comfortably live the millionaire’s lifestyle a few times over, today, it will only afford a small portion of the trappings.”

And this is particularly prevalent for those living in the South East, who would need to have assets and wealth totalling £2.8 million before being able to give up work and fund the dream millionaire lifestyle with the usual trappings of a five-bedroom home, regular dining out, home help, health and golf club membership, private schooling, holiday home and other luxuries such as a yacht, five star holidays and top of the range cars.

“It seems those in the South East are a little more realistic than other parts of the country, as to how far their money will actually take them,” said Burke.

“Our study showed that they were the people least likely in the UK to quit their jobs if they won £1 million.

Interestingly people in the South East were least likely to donate any of their winnings to charity with only 47% of those surveyed, stating they would do so.”

If Surrey’s potential millionaires want to live the millionaires’ lifestyle, they would today need to work their way up to becoming thrillionaires.”